Business Statistics Concepts and Applications

Question: Discuss about the Business Statistics for Concepts and Applications. Answer: Introduction At present business world, companies face significant issues in conducting their business competently while fulfilling their corporate social responsibilities and doing business ethically. Corporate social responsibility is an approach of doing business that helps in developing economic, social and environmental condition of the community sustainably (Baumann-Pauly et al. 2013). Here, two business situations are analyzed, where ethical issues are faced and overcome. Business ethics includes appropriate business practices and policies pertaining to potentially controversial issues like insider trading corporate governance, corporate social responsibilities and ethical dilemmas and so on (Ulrich and Sarasin, 2012).While working as a practitioner, I faced issues related to cultural competency. The patient I was looking after belonged to a tribal community and hence, I was unable to understand his needs. He was a patient of hypertension and insomnia and 68 years old and his name was Mr. Jones. I faced the issue, as I did not have appropriate knowledge regarding his culture and language. Tesco, the leading retail organization faced ethical issues for not giving payment to its supplying timely. Moreover, it the company is alleged to conduct payments unethically to the suppliers for ledge promotion. Although, the company is focused on offering best products to customers, however, it failed to fulfill legal requirements related to business ethics. It is found that due to lack of efficiency of the board of Tesco, the half-yearly profit of the company was overstated by 263m, this may be the result of delay in payment to the suppliers (Theguardian.com, 2017). Nature of the situation The situation was very complicated for me, as I had to ask my senior for help in almost every hour, as I could not recognize his requirements properly. According to Homburg et al. (2013), business ethics help people to differentiate between right and wrong. However, being a practitioner, I was not competent enough to handle the situation appropriately by overcoming the issue related to cultural sensitivity. The issue faced by Tesco is associated to financial management, which is related to short deliveries comprising burden of penalties, customer complaint, invoice discrepancies, supposition of unknown items, inference for advertising fixed cost and historic promotion (Theguardian.com, 2017). Impact of challenges faced in the situation on the stakeholders As I was unable to understand the need of the Mr. Jones, hence, sometimes it became difficult for me to provide appropriate service within proper time. Due to which, he felt helpless and he was reluctant to communicate with me. He needed proper care and effective communication with his care worker, who could help him to release his tension and made him feel comfortable and safe. I could recognize that he became more tensed and restless, when he was unable to make me understand about his needs and expectations. As, I was unable to provide him proper care, therefore, I was becoming under confident regarding my role and responsibility. Due to the ethical issue faced by Tesco in delaying payment to the suppliers, the company had to bear significant penalty under the Groceries Code Adjudicator (GCA). The organization imposes penalty up to 1% to the yearly turnover of big retailers. For breaching the GCA code, the name of Tesco came into accounting scandal that is harmful for the reputation and brand image of Tesco. Moreover, for not giving payment on time, business relationship with supplier could not be managed properly, which may harm the overall performance of the firm (Theguardian.com, 2017). Processes of overcoming the situation As stated by Baker and Comer (2012), learning cultural competency has become essential for nurses at resent day, as people belong to different cultural background come to hospitals for treatment. Without having knowledge regarding cultural competency, it is not possible provide effective services to the care users and attain their satisfaction. The social learning theory stipulates people are likely to do things that provide them self-worth. Hence, for overcoming the difficulties, I started focusing on increasing my knowledge regarding tribal community, their language and social norms so that I could improve my service provided to Mr. Jones. First, I started learning tribal language for increasing effectiveness of the conversation between Mr. Jones and me. Eventually, I was able to understand his expectation from me, and provide him care accordingly. Thus, I regained my self-confidence. In order to deal with the situation, the company must identify and fulfil the regulations and codes imposed by GCA. Utilitarianism theory states that a business action is considered as right if it creates positive outcomes on the stakeholders (Berenson et al. 2012). Hence, Tesco can apply this theory for assessing future risks and taking necessary decisions. Therefore, Tesco had taken necessary measures for dealing with the ethical issue effectively. The company has changed the way of dealing with its suppliers. Furthermore, Tesco announced that, it would continue full cooperation with GCA so that it can conduct its business ethically in present and future (Theguardian.com, 2017). Conclusion In order to deal with ethical issues effectively, it is essential for companies and employees to comply with all the legislations related business ethics. It any help them to improve overall quality and productivity. References Baker, S.D. and Comer, D.R., 2012. Business Ethics Everywhere An Experiential Exercise to Develop Students Ability to Identify and Respond to Ethical Issues in Business.Journal of Management Education,36(1), pp.95-125. Baumann-Pauly, D., Wickert, C., Spence, L.J. and Scherer, A.G., 2013. Organizing corporate social responsibility in small and large firms: Size matters.Journal of Business Ethics,115(4), pp.693-705. Berenson, M., Levine, D., Szabat, K.A. and Krehbiel, T.C., 2012.Basic business statistics: Concepts and applications.Pearson higher education AU. Homburg, C., Stierl, M. and Bornemann, T., 2013.Corporate social responsibility in business-to-business markets: how organizational customers account for supplier corporate social responsibility engagement.Journal of Marketing,77(6), pp.54-72. Theguardian.com (2017). Tesco under investigation by new regulator over dealings with suppliers. [online] the Guardian. Available at: https://www.theguardian.com/business/2015/feb/05/tesco-faces-investigation-over-how-it-pays-suppliers [Accessed 18 Apr. 2017]. Ulrich, P. and Sarasin, C. eds., 2012.Facing public interest: The ethical challenge to business policy and corporate communications(Vol. 8).Springer Science Business Media.